Over half of respondents to a survey ( 57%) stated that they intend to repair items in the next 12 months, while another 55% reported that they plan to buy items from second-hand shops.

The report is based on a nationally representative survey among a sample of 2,000 UK adults aged 18 and over.

The survey also found that 71% of respondents plan to give away items to charity, family and friends over the next year.

Half of those surveyed ( 49%) reported that they will buy items from a resale platform, such as Vinted or eBay, with 47% saying they plan to sell via such platforms.

Resale platforms were particularly popular among 18-34 year-olds, according to the research, with 29% of this age group intending to sell items on resale platforms more than last year, while a quarter ( 25%) claim that they plan to buy more from them.

The report, which focuses on fashion and technology, defines the circular economy as ‘a paradigm that aims to minimise waste/pollution, extend product lifecycles and regenerate nature’.

Sophie Dimond, insight analyst, IPA, said: “With the continuing cost-of-living crisis, coupled with consumers’ increased awareness and anxiety around supply chain and sustainability issues, it is clear that the circular economy is becoming increasingly significant.

“It will be interesting to see how companies and brands can capitalise on this – from these results we are already seeing a considerable rise in popularity of resale sites such as Vinted and eBay.”

The research was carried out by Opinium and fielded between 10th-14th February. The report also includes data from the IPA’s trend partner Foresight Factory.